Adobe has released new research which aims to quantify the role of creativity in business. The Creative Dividend survey shows that what makes a company succeed is influenced by its creative perspective, practices and culture. But does creativity also impact upon the bottom line, and do companies enjoy more business success because of the fact that they foster and encourage creativity? Adobe concluded through the research that creativity is in fact essential to both current and future business success.
Key findings of the research included:
- Companies that foster creativity achieve exceptional revenue growth than their peers. 58% of respondents in the study said that firms that foster creativity had 2013 revenues exceeding their 2012 revenues by 10% or more. In contrast to this, only 20% of less creative companies performed similarly.
- More creative companies enjoy greater market share and competitive leadership. Creative companies are more likely to report a commanding market leadership position with a higher market share than competitors. Of those reporting market share leadership, creative companies outnumber their less creative counterparts by a factor of 1.5%.
- Despite the perceived benefits of creativity, 61% of companies do not see their companies as creative. Only 11% said their practices were perfectly aligned with firms readily recognised as creative. 51% said they were neutral or not aligned with creative firms, and 10% felt that their practices were the opposite of what creative companies do.
- Creative companies win recognition as a creative place to work. A positive employee work environment is a fertile breeding ground for creativity. 69% of creative firms also reported winning awards and national recognition for being a ‘best place to work’. Just 27% or less creative companies achieved similar accolades.
“For years, business leaders have focussed on things like employee productivity, process efficiency and workforce planning as the key success drivers for their companies. But over the past few years, the mindset has shifted. Leading companies recognise the importance of another key success driver – the need to infuse creativity into all aspects of the business environment – from strategy and culture, to innovation and customer engagement”, said David Wadhwani, senior vice president, Digital Media at Adobe. “And creative companies are 50% more likely to report a commanding market leadership position over competitors”.
Liz Wilkins, Marketing Manager, Northern Europe, Adobe commented “We’re experiencing a new era of creative collaboration, and as this research shows, creativity has become a key ingredient to business innovation and success. Today’s competitive landscape means it is more important than ever that businesses take the time to understand how creativity can help them stay ahead of the curve and have a positive impact on their bottom line”.